Sorry if this has already been discussed, I tried searching first with no luck. Anyone have any idea what kind of discount I should be looking for on an 03 Cobra with a salvage title? He says the work was done by a Ford recommended shop over 10 years ago and there aren't any remaining issues with it. I am looking for a car to keep a long time so I am not too worried about resale value. I am more curious what is a fair discount percentage off what I would expect to pay for the same car with a clean title.
Value hit for salvage title?
- Thread starter cmnorman
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IMO 25% of clean title value. Though ive heard people paying around $8-10k for salvage 03/04 with still under 60k on the clock.
There's a couple things here. In most areas you can't get full insurance coverage on a salvage title vehicle. So not comprehensive or collision, just liability. That means if anything happens to the car, you're paying for it all.
That alone would deter me completely from ever purchasing a vehicle with a salvage title, regardless of any discounts.
In that regard though, I would want to know what happened to the car. If it was in a large wreck, it's possible that it could have been repaired properly and not have any issues. If it's a flood car, that would again deter me from ever buying it. My point here is it's hard to lay down a discount percentage or price without knowing exactly why it has a branded title.
Something with a branded title, I would never pay anywhere near what some of the Terminators are bringing. In fact I'd want to come in several grand below what NADA is saying the car is worth. Even if you're not worried about resale, don't get taken by a bad deal.
That alone would deter me completely from ever purchasing a vehicle with a salvage title, regardless of any discounts.
In that regard though, I would want to know what happened to the car. If it was in a large wreck, it's possible that it could have been repaired properly and not have any issues. If it's a flood car, that would again deter me from ever buying it. My point here is it's hard to lay down a discount percentage or price without knowing exactly why it has a branded title.
Something with a branded title, I would never pay anywhere near what some of the Terminators are bringing. In fact I'd want to come in several grand below what NADA is saying the car is worth. Even if you're not worried about resale, don't get taken by a bad deal.
I will add that I spoke to my insurance company and they said they would issue liability only but that I could take it in and have it inspected to confirm all repairs had been completed and they would then be willing to add physical damage coverage at that point.
I asked the seller for photos and description of the damage and he said he would try to get them from the former owner but the former owner hasn't owned it since 2005 and that's when the repairs were completed. I am always a little weary but if it all checks out then it could be a good deal for me, but you are right, I don't want to get taken by a bad deal.
I asked the seller for photos and description of the damage and he said he would try to get them from the former owner but the former owner hasn't owned it since 2005 and that's when the repairs were completed. I am always a little weary but if it all checks out then it could be a good deal for me, but you are right, I don't want to get taken by a bad deal.
No. Run, don't walk away from it.
If this information isn't readily available you have no idea what might have been done to that car in it's lifetime. There are quality examples of terminators all over the place that aren't the $35,000 pristine cars, but also don't have salvage titles. If price is the driving factor here, look at a higher mileage driver quality car. You'll be glad you spent a bit extra.
True but that also depends on your end use of the car.
If OP is building some weekend-only beast build, no sense in spending the extra for a car you are going to mostly hack up and rape anyways.
Salvage title cars are worth 60-75% of their clean title counterparts...however, I personally would steer clear of one that was total lossed that long ago, that means it had significant damage to meet the states 50-75% threshold. If one were total lossed 2 years ago based on NADA value, that could be as little as needing a front and rear bumper, hood, and some paint work.
In this case it only has 14,000 miles on it, had 4,600 when wrecked and current owner has had since then. I thought it might be a good opportunity to get a lower mileage car for a price that was easier on the budget. The price for a very close match that is currently for sale with a clean title is a $6,600 asking vs. asking price. The $6,600 higher priced car has about 19k miles on it.
I appreciate the opinions and I think you guys are probably pushing me in the direction I was leaning towards anyways and that's to wait for a documented and clean car and pay the price of admission to get back into the game.
I appreciate the opinions and I think you guys are probably pushing me in the direction I was leaning towards anyways and that's to wait for a documented and clean car and pay the price of admission to get back into the game.
I will never deal with an unclean title on a car ever again. They are impossible to sell no matter the story. Sure you also pay less up front, but good luck if you ever need to sell it. My previous Cobra was just a lemon title car and it was still a PITA to sell with significant documentation of repairs and history.
What state are you in? I have owned/sold/repaired multiple vehicles is salvage titles and had no issue getting full coverage personally or through our busses from different providers.
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I'm in Colorado. I also spent several years of my early career working for State Farm Auto Company. At least at the time getting comprehensive coverage on a vehicle with a salvage title, was not possible.
I agree, I have had many, bought many, fixed many and sold many. Many on the banks money and fully insured.
I would not hesitate to do it again for the right deal.
Don't forget that salvage could be something other than a wreck. Theft recovery is my favorite and water cars next.
Without a full photo log of before, during and after, including a purchase parts list, I would keep walking. The exception may be if you are paying less than you can easily part the car out for.
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